TechFinancials Inc. Interim Report to 30 June 2024

RNS Number : 0281G

TechFinancials Inc.

27 September 2024

 

27 September 2024

 

TechFinancials, Inc.

("TechFinancials" or the "Company")

Unaudited Interim Report for the Six Months Ended 30 June 2024

TechFinancials Inc. (AQUIS: TECH), today announces its unaudited interim results for the six-month period ended 30 June 2024 ("H1 2024").

Financial Overview

·	Company Revenues of US$ nil (H1 2023: US$ nil)
·	Loss for the period attributable to shareholders of US$0.090m (H1 2023: loss of US$0.073m)
·	Cash position at the period end of H1 2024 US$0.318m (31 December 2023: US$0.371m)
·	Basic loss per share ("EPS") of (US$0.001) (H1 2023 (US$0.001))

 

Asaf Lahav, Chief Executive Board Member of TechFinancials, commented:

"We continue to look for investment opportunities to maximise the Company's value, leveraging its available cash."

The directors of the Company accept responsibility for the contents of this announcement.

 

For further information:

TechFinancials, Inc.	Tel: [phone]
Asaf Lahav, Executive Board Member

 

Peterhouse Capital Limited (Aquis Growth Market Advisor and  Broker)	Tel: [phone]

 

 

Chairman's Statement

 The Company will continue to look for new ways to increase its value exploring investment opportunities.

 

 

Outlook

 

We will continue to look for opportunities to materialise our assets or join forces with other companies in order to be able move forward.

 

I would like to thank our shareholders for their continued support in what has been a difficult period globally as well as for the Company.  

 

We look forward to updating the market on our progress in due course.

 

Eitan Yanuv

Independent Non-Executive Chairman

27 September 2024

 

Executive's Board Member Statement

Financial Results

 

 

The operating loss for the period was US$0.090m (H1 2023: loss of US$ 0.073m); the operating expenses for the period were attributed to general and administrative costs associated with being a publicly quoted Company.

 

Financial gain for the period was US$ nil.

 

No taxes on income were recorded in the period (H1 2023: US$ nil).

 

The loss after taxation for the period attributable to shareholders of the Company was US$ 0.090m (H1 2023: loss of US$ 0.073m).

 

 

The Company's cash position for the period ended 30 June 2024 was US$0.318m (31 December 2023: US$0.371m).

 

The unaudited interim financial results have not been reviewed by the Company's auditor.

 

 

Eitan Yanuv

Chairman

27  September 2024

 

 

 

 

 

Statement of Comprehensive Income

For the six months period ended 30 June 2024

	Note		Unaudited 6 Months Period Ended 30 June 2024 US$'000		Unaudited 6 Months Period Ended 30 June 2023 US$'000		Audited 12 Months Period Ended 31 December 2023 US$'000
Revenue			-		-		-
Cost of sales			-		-		-
Gross profit			-		-		-
Selling and marketing			-		-		-
Administrative			(90)		(94)		(192)
Operating Income (Loss)			(94)		(94)		(192)
Bank fees			(1)		(2)		(3)
Foreign exchange gain (loss)			-		(1)		8
Gain (loss) from tradable securities			1		24		21
Financing Income (expenses)			-		21		26
Other Income  (expenses)
Other income (expenses), net			-		-		-
Loss before taxation			(90)		(73)		(166)
Taxation			-		-		-
Loss from continuing operations			(90)		(73)		(166)
Other comprehensive income			-		-		-
Total comprehensive Loss			(90)		(73)		(166)
Profit  (Loss) attributable to:
Owners of the Company			(90)		(73)		(166)
Non-controlling interests			-		-		-
Loss for the period			(90)		(73)		(166)
Earnings per share attributable to owners of the parent during the year (Note 3):
			Unaudited 6 Months Period Ended 30 June 2024 (Cents USD)		Unaudited 6 Months Period Ended 30 June 2023 (Cents USD)		Audited 12 Months Period Ended 31 December 2023 (Cents USD)
Basic			(0.11)		(0.09)		(0.19)
Diluted			N/A		N/A		N/A
From continuing operations - Basic			(0.11)		(0.09)		(0.19)
From continuing operations - Diluted			N/A		N/A		N/A
From discontinued operations - Basic			-		-		-
From discontinued operations - Diluted			N/A		N/A		N/A

 

 

 

 

Consolidated Statement of financial position

As of 30 June 2024

	Note		Unaudited 30 June 2024 US$'000		Unaudited 30 June 2023 US$'000		Audited 31 December 2023 US$'000
Current assets
Short term investment			95		95		94
Cash			318		449		371
			413		544		465
Total Assets			413		544		465
Non-Current liabilities
Shareholders loan			83		82		83
Current Liabilities
Trade and other payables	4		82		31		44
Total Liabilities			165		113		127
Equity
Share Capital			61		61		61
Share premium account			12,022		12,022		12,022
Share-based payment reserve			798		798		798
Accumulated losses			(12,633)		(12,450)		(12,543)
Equity attributable to owners of the Company			248		431		338
Non-controlling interests			-		-		-
Total equity			413		431		338
Total Equity and Liabilities			413		544		465

 

 

 

Consolidated Statement of changes in equity

For the six months period ended 30 June 2024

	Share capital US$'000		Share  premium US$'000	Share-based payment reserve US$'000		Accumulated profits/ (losses) US$'000		Total US$'000		Non- controlling interests US$'000		Total US$'000
Balance at 31 December 2022	61		12,022	798		(12,377)		504		-		504
Total comprehensive loss for the year	-		-	-		(166)		(166)		-		(166)
Balance at 31 December 2023	61		12,022	798		(12,543)		338		-		338
Total comprehensive loss for the period	-		-	-		(90)		(90)		-		(90)
Balance at 30 June 2024	61		12,022	798		(12,633)		248		-		248

 

 

Consolidated statement of cash flows

For the six months period ended 30 June 2024

	Note	Unaudited 6 months ended 30 June 2024			Audited Year ended 31 December 2023
		US$'000			US$'000
Cash Flow from operating Activities
Loss before tax for the period		(90)			(166)
Adjustment for:
Foreign exchange differences		-			(8)
Loss (gain) from short term investment		(1)			(21)
Operating cash flows before movements in working capital:
Decrease (increase) in trade and other receivables		-			3
Increase (Decrease) in trade and other payables	4	38			21
Net cash used in operating activities		(53)			(171)
Cash Flow from investing Activities:
Purchase of tradable securities		-			(76)
Sale of tradable securities		-			62
Net cash used in investing activities		-			(14)
Net decrease in cash and cash equivalents		(53)			(185)
Cash and equivalents at beginning of period		371			548
Effect of changes in exchange rates on Cash		-			8
Cash and equivalents at end of period		318			371

 

 

 

 

                                                 

Notes to the financial statements

1.    General Information

TechFinancials, Inc, (the "Company") was engaged until the end of 2020 in the development of blockchain-based digital assets solutions and licensing of financials trading platforms to businesses. Having disposed predominantly of its businesses, the Company has been an investing company since the year 2021.

 

Basis of preparation

As permitted, the Company has chosen not to adopt International Accounting Standard 34 'Interim Financial

Reporting' in preparing these interim financial statements. The condensed consolidated interim financial

statements should be read in conjunction with the annual financial statements for the year ended 31

December 2023, which have been prepared in accordance with International Financial Reporting Standards

(IFRS) as adopted by the European Union.

The interim financial information set out above does not constitute statutory accounts. The information has

been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union.

The accounting policies applied in preparing the interim financial information are consistent with those that

have been adopted in the Company's 2023 audited financial statements. Statutory financial statements for the year ended 31 December 2023 were approved by the Board of Directors on 27 June 2024.

The Directors approved these condensed interim financial statements on 27 September 2024.

 

Risks and uncertainties

 

The key risks that could affect the Company's short and medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2023 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.techfinancials.com.

 

2.    Accounting policies

The condensed consolidated interim financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financials assets and liabilities at fair value through the statement of profit and loss.

The financial information for the 6 months ended 30 June 2024 and the 6 months ended 30 June 2023 has not been audited or reviewed by the Company's auditor.

 

No dividends have been paid in the period (2023: $nil).

 

 

Critical accounting estimates and judgements

The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates have not changed during the interim period and are set out in note 3(v) of the Company's 2023 Annual Report and Financial Statements.

 

 

 

3.    Earnings per share

The calculation of earnings per share is based on the following losses and number of shares:

Loss per share	Unaudited 6‑month period ended 30 June 2024		Unaudited 6‑month period ended 30 June 2023		Audited Year ended 31 December 2023
	US$'000		US$'000		US$'000
Basic
Loss attributable to equity holders	(90)		(73)		(166)
Weighted average number of shares basic	85,680,979		85,680,979		85,860,979
	US$		US$		US$
Loss per share - basic and diluted:	(0.0011)		(0.0008)		(0.0019)
Loss per share from continuing operations - basic	(0.0011)		(0.0008)		(0.0019)
Loss per share from discontinued operations - basic	-		-		-

 

 

4.    Trade and other payables

 

	Unaudited 30 June 2024		Unaudited 30 June 2023		Audited 31 December 2023
	US$'000		US$'000		US$'000
Trade Payable	-		15		-
Accrued liabilities	82		16		44
	82		31		44

 

 

 

 

                          

 

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